《大行》招商证券:竞争加剧拖累盈利能见度 齐削阿里(BABA.US)美团(03690.HK)京东(JD.US)目标价

阿斯达克财经
Jul 15, 2025

招商证券发表报告,中国电商行业竞争加剧使盈利能见度下降。随着夏季旺季到来之际,龙头平台补贴加码的力度远超此前预期。阿里巴巴(09988.HK) 推出总额达500亿元人民币( 下同)的补贴计划,并在淘宝闪购与饿了么平台上发起系列周末促销活动,推动7月5日单日订单量达到8,000万,创下新高。美团(03690.HK) 随后推出相关促销活动,同日订单高峰达到1.2亿。京东(09618.HK) 秒送订单量...

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